Dallas-based LM Touchdown Crude II, subsidiary of Longhorn Midstream, said July 15 it started construction of its Touchdown crude oil gathering system in northern Delaware Basin. The 50-mile greenfield pipeline system initially will gather from and deliver to points in Eddy County. The gathering system is scheduled to enter partial service in September with full […]
U.S. crude oil production surpasses 12 million barrels per day for first time
According to the latest Petroleum Supply Monthly from U.S. Energy Information Administration, U.S. monthly crude oil production surpassed 12 million barrels per day for the first time in April 2019. The U.S. produced 12.16 million b/d in April – up 246,000 b/d or 2.06 percent from a month earlier. The EIA added, “This milestone comes […]
Rig counts decline to 437 in Permian Basin, 456 in Texas, 958 in U.S.
New Mexico remained unchanged with 102 active oil and gas drilling rigs (99 a year ago), but the counts from Baker Hughes as of July 12 declined for the past week in Permian Basin, Texas and U.S. There are 437 rigs in Permian Basin (443 a week ago, 476 a year ago), 456 rigs in […]
Production continues to grow, but Texas Petro Index again declines
The Texas Petro Index from petroleum economist Karr Ingham posted a modest decline for the third straight month in May to 210.1. After the base of 100 was established in January 1995, the index peaked at 313.9 in November 2014. Two years later, November 2016, it dropped to 146.6. After starting 2019 at 212.5, the […]
Callon Petroleum acquires Carrizo to add Delaware Basin assets
Houston-based Callon Petroleum said Monday it will acquire another Houston company, Carrizo Oil & Gas, in an all-stock transaction valued at $3.2 billion. The deal will create “a leading oil and gas company with scaled development operations across a portfolio of core oil-weighted assets in both the Permian Basin and Eagle Ford Shale.” Callon and […]
MMEX Resources completes sales of products from refinery in Pecos County
MMEX Resources of Fort Stockton has completed product sales for its proposed crude oil refinery complex in Pecos County. Jack W. Hanks, president and CEO, said July 1 that the company signed an agreement to sell naphtha to an international energy and trading company for delivery by rail to Texas Gulf Coast refinery and petrochemical […]
Permian Basin adds 2 rigs in past week; rig counts down in Texas, U.S.
Permian Basin added rigs for the second straight week, according to Baker Hughes’ July 3 count of active oil and gas drilling rigs. That’s the first two-week gain since April. Permian Basin had 443 rigs (441 previous week, 475 previous year). Also as of July 3, Texas had 463 rigs (464 previous week, 526 previous […]
Enterprise increases capacity for export at Houston ship channel
Houston-based Enterprise Products Partners said Monday it will expand its facilities at the Houston ship channel to increase its ability to export crude oil, liquefied petroleum gas and polymer grade propylene. The new projects will increase LPG loading capacity by an additional 260,000 b/d by 2020Q3 and give Enterprise nameplate capacity to load up to […]
Wood Mackenzie says additional crude oil takeaway capacity needed by 2030
Researchers at Wood Mackenzie said Permian Basin will need additional crude oil takeaway capacity of up to 500,000 barrels per day by the end of the next decade to accommodate increasing production. A moderate overbuild of pipeline capacity is expected in the early 2020s when current pipeline projects are completed. Midstream operators are expected to […]
Development Capital Resources begins drilling joint venture in Wolfcamp
Development Capital Resources said June 19 its subsidiary initiated a drilling and development joint venture with a private operator in Permian Basin’s Wolfcamp formation. DCR said it will invest $165 million in the joint venture and will participate as a working interest owner in the drilling and completion of identified drilling locations. Drilling has started, […]
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